Overview
For a bearish week (ASX 200 down 2.5% on the week) I am pretty happy with the results. Looking back on my stopped out positions, mostly Uranium names, the setups were all good quality – they simply failed. I stuck to the goal I set myself last week and cut the sideways positions. The positions I did cut ended up dropping to prices that would have stopped me out over the next 2 trading days so I am happy with that decision.
Metrics
Trade Analysis
A+ Setup: CRR had a news catalyst that resulted in some strong morning volume breaking back into the 9c range. I took the trade and was watching how the 10c wall reacted. There was some reload selling but I was happy with my entry and size so I am still holding the position with SL below breakout day low. I will be looking to take 1/3rd off on Monday or Tuesday (hopefully at 10.5)
A Setup: W2V had a big news announcement on Friday. I was not planning on actively trading the open as the overnight markets were red across the board. But I noticed W2V up over 100% on my volume scanners. I usually try to avoid scalping microcaps in the first hour, but there were a few things that made this an exception:
- It was holding up after 20 minutes of trading whilst the rest of the market was heavily in the red.
- The price was in the 8-10c range after only having been below 10c for 2 months.
- The volume was super strong and getting stronger as it approached 10c.
I got in at around 9.4c and set a sell order at 10.5c immediately. There wasn’t too many sell orders up there and I thought it might spike to 10.5 before selling down. Unfortunately I did scale out of most of the position before it went parabolic to 14c. I was pretty quick to cut the remaining position as I noticed it had lost momentum, but I did end up giving back 50% of the profits getting chopped up thinking it had another leg in it.
Mistakes
- Over trading W2V after the morning pump. Should have just walked away.
- Over trading BHP on Friday. Thought the gap down was extended and it would recover all day. It didn’t, and I gave too much to the brokers
- Having too many Uranium trades on. I even felt the URA move would fail
Goals for the week:
- Trade LESS – Markets are so fragile right now. Swing flags keep failing
- Improve Journaling even more so I can go back and analyze every trade.
- Improve this Journal Process